Reserve funds (a) The Selectboard may raise and appropriate money for the establishment of reserve or equipment reserve funds for the financing of all or part of: (1) the construction, reconstruction, or acquisition of a specific capital improvement, or the acquisition of a specific item of equipment; (2) the construction, reconstruction, or acquisition of a type of capital improvement or acquisition of a type of equipment; (3) other purposes to meet specific obligations and needs of the Town so as to ensure efficient operations. (b) The size and regulation of reserve funds shall be determined by the Selectboard. (Amended 2021, No. M-13 (Adj. Sess.), § 2, eff. May 16, 2022; 2023, No. M-2, § 2, eff. May 4, 2023.)
Vermont Legal Code